InsuranceKnight
Expert
- 29
We're licensed in 40+ states (my wife and I) as independent agents. I'm trying to calculate the costs if we were to license our LLC as an agency. Any recommendations on a resource?
Thanks!
Thanks!
Costs/Fees resource for an Agency License?
- Thread starter InsuranceKnight
- Start date
Double what you pay now...
- Thread starter
- #3
InsuranceKnight
Expert
- 29
Thanks Ray.
My next issue is being in FL. I'm trying to figure out this "place of business" language:
Not sure how telesales/home office works with acquiring an agency license or what the easiest/cheapest workaround is.
My next issue is being in FL. I'm trying to figure out this "place of business" language:
Not sure how telesales/home office works with acquiring an agency license or what the easiest/cheapest workaround is.
You should make sure that doesn't only apply to P&C agents. I know that FL has some weird rules with counties and offices but it might help if you talk to other FL resident producers with entity licenses.
Maybe your IMO could help point you in the right direction (at least to another producer in your boat in FL).
I'm assuming that you want your agency paid commissions and that's why you're going down this path.
Otherwise, it's a lot easier to get paid on your own SS#s and just set up a DBA for your agency (e.g. Knight Insurance Services but still having commissions paid to Bob and Judy Knight).
- Thread starter
- #5
InsuranceKnight
Expert
- 29
Regarding the "why"... You're 100% correct. Main reason to do this is for tax purposes.
newbie2001
Expert
- 45
FL agent here. Ran into this issue, I have an office and in Florida even if you are an independent agent you have to carry an agency license if you have an office space.
I learned the hard way.
I think he's asking about the other way around though. Can he get an agency license without retail office space?
newbie2001
Expert
- 45
I don't see why not.
